Customer or Ginny Pig?

Over the past year corresponding with local board members and bankers, people are no longer customers, they are the Ginny Pig.

The statement,"in the customers best interest", is yet to be found. Have you "the customer" meet with community officials or lenders and left the meeting an outcome in your favor?

Do the banks and credit unions who claim their here to listen and assist the customer write up individual plans based on their needs? So far, NO! I see the same written policy pulled out regardless of the different needs of individuals.

Shouldn't lenders advertise: "We are here to listen to the customer to see if they fit our policies"?

Believe it or not, by using unfair and outdated policies, MORTGAGE LENDERS have been allowed to suppress property values below acceptable values. A customer with a mortgage and no other debt who qualifies to build new, can not get refinanced for his existing home.

Policies need to change to fit the current economic standards and fit the needs of the people.

Comments

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JimShaw - I would agree that advertising seems deceptive, but that's what advertising is supposed to do. Make you buy something you don't need or want.

The statement "in the customer's best interest" is true...if it's not in the customer's best interest, it's not in the bank's best interest, either. If the customer fails, the bank will fail. Too many of those and we have other, larger problems.

Nevertheless, the current situation is to no one's advantage....obviously property owners and builders...but most of all, it's not advantageous to bankers. Their business is giving you money based on calculated risk. They're not in the habit of making bad decisions on purpose, hence that's how we ended up here in the first place. If you don't qualify, you don't qualify. Reduce your debt, increase you income...that will get you closer to qualification.

Additionally, the lower the property value, the lower the interest paid, the less money a bank makes.

Based on the facts that banks make money by lending money and they make more money when prices are higher, do you still believe that banks are really trying to keep property values low?